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Banks slammed for refusing to hand back millions to fraud victims

· September 26, 2019 ·

INNOCENT Brits lost almost £147million to bank transfer fraud in the first half of this year, yet only 17 per cent was refunded. It comes as major banks still haven’t signed up to a voluntary scam code, which came into force on May 28. The latest fraud data from banking trade body UK Finance shows that 53,475 victims lost a total of £146.5million in so-called authorised push payment (APP) fraud in the six months to the end of June. This is much higher than the £92.9million lost in the first half of 2018, although UK Finance says the figures aren’t comparable as more banks have started reporting fraud cases while an increasing number of customers are doing the same.But what’s more damning is that just £26.5million (17 per cent) was refunded to victims. In the first half of 2018, £15.4million was refunded, which was also 17 per cent of the total cash stolen. Banks that have signed up so farCUSTOMERS of these banks are protected if they’re victims of balance transfer scams. Bank of Scotland Barclays Cahoot Carter Allen First Direct Halifax HSBC Intelligent Finance Lloyds Bank M&S Bank Metro Bank Nationwide Building Society NatWest Royal Bank of Scotland Santander… Read full this story

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